CoinField’s Secret XRP Ledger Project Sologenic to Tokenize Stocks & ETFs
- A project to facilitate mass adoption of cryptocurrency by allowing investment in stocks
- Sologenic: Solo coin, XRPL-based DEX, Crypto Cards
Cryptocurrency exchange CoinField has finally revealed the details of its “secret” XRPL project, Sologenic. This ecosystem facilitates the trading of on-demand tokenized assets including stocks and ETFs from over 25 global stock exchanges or fiat backed stablecoins on top of the XRP Ledger.
As such, stocks like Tesla and Apple will be tradable on the XRP Ledger (XRPL).
“This platform tokenizes stocks on the XRPL as demanded, allowing you to trade it against any cryptocurrency and spend in real-time anywhere. Ultimately, Sologenic helps the mass adoption of cryptocurrency by allowing people to invest in stocks. It’s a WIN-WIN for everyone!” said Bob Ras, CoinField CEO.
Upcoming Projects: XRPL-based DEX and Crypto Cards
The exchange will leverage its Solo (Ƨ) coin, paired with fiat with third-party brokerage firms, to settle to bridge the crypto assets and stocks. For instance, USD would become USDƨ and Tesla shares would be converted to TSLAƨ, a tokenized stablecoin version of TSLA.
These crypto assets will be tradable against Solo and XRP on CoinField exchange and XRPL DEX. The decentralized exchange is one of its “most exciting” upcoming projects that is built on top of XRP Ledger enabling users to trade issued tokenized assets for XRP or SOLO.
Crypto Cards is another of its upcoming project that will allow the holders to spend their cryptos instantly anywhere in the world.
Coming in 2020
Launched in February 2018, CoinField enables trading against six fiat currencies. The Canada-based platform is currently in the process of transferring its headquarters to Spain.
Just last week the exchange launched an XRP validator and joined Ripple’s “Unique Node List” of trusted tier-one validators on the network. CoinField partnered with the founder of XRPL Labs Wietse Wind, online banking firm Cashaa, and top security legal firms to build the project Sologenic that has been in development for the past six months.
While the SOLO token will be released in December 2019 followed by VIP Pre-sale, it will officially launched in Q1 with a public IEO.
Crypto Cards will be introduced in late Q1 while decentralized exchange will be launched in Q2 2020. But users have to wait until later in the year to trade securities on the platform.